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Berenberg Cuts Q1 Estimates for Galp Energia After Trading Update; Hold Rating Maintained

Berenberg lowered its first-quarter forecasts for Galp Energia (GALP.LS) after its trading update for the three-month period showed the impact of volatility on the group's "strong" operations."Galp reported its Q1 2026 trading statement on 13 April, highlighting strong upstream production from its assets in Brazil and good performance in the refining business," analysts said Wednesday. "This was offset by non-cash items in the Midstream business and a working capital build, which affect our EBITDA and [cash flow from operations] forecasts respectively. However, we believe these temporary effects should reverse over time as the commodity price environment normalises and view underlying performance in the period as positive."As such, the research firm's estimate for the Portuguese energy company's replacement cost adjusted EBITDA in first-quarter 2026 was reduced by 3%, while the CFFO estimate before and after working capital was raised by 14% and cut by 10%, respectively. The company also revised its adjusted EPS and cash flow per share projections for 2026 to 2028.Moving ahead, analysts now expect focus on Galp's ramp-up operations in Brazil's Bacalhau field, refining margins and the potential benefit from higher US-Europe gas price spreads in its liquefied natural gas business.The stock's hold rating and price target of 20 euros were unchanged, as Berenberg noted Galp's current valuation and "limited" catalysts in the near term.

$GALP.LS

Swiss Monthly Producer, Import Prices Up 0.2% in March

Switzerland's monthly producer and import price index ticked up 0.2% in March, after a 0.3% decline in February, data from the country's Federal Statistical Office showed Tuesday.Analysts expected 0.5% growth for the month, according to Investing.com data.On a yearly basis, Swiss producer and import prices were 2.7% lower, unchanged from the prior month.

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TotalEnergies Expects Higher Fuel Prices to Boost Q1 Results

TotalEnergies (TTE.PA, TTE.L) said Thursday that higher prices for oil and gas will positively impact its upcoming results for the first quarter of 2026.The French energy group said the Brent crude price was $81.1 per barrel in the reporting quarter, up from $63.7 per barrel in the fourth quarter of 2025, while the average liquids price rose to $73.7 per barrel from $61.4 per barrel in the prior quarter.Meanwhile, the average gas price increased to $5.59 per million British thermal units from $5.11 per mbtu, and the average LNG price remained stable at $8.48 mbtu.Meanwhile, TotalEnergies expects its oil and gas production in the first quarter to be consistent with the prior three-month period.

$TTE.L$TTE.PA

ASX 200ASX:NWLASX:OBMASX:VEA

Australian Shares Decline; Ora Banda Mining Posts Higher March Quarter Gold Production

Australian shares fell on Wednesday's close amid optimism about a US-Iran ceasefire.The S&P/ASX 200 Index fell 23.70 points, or 0.26%, to close at 8,955.The US and Iran are weighing further talks as mediation efforts continue to prevent the resumption of the conflict in the Middle East. Brent crude oil futures were steady at $95.02 per barrel. Spot gold climbed nearly 1% to $4,830.82 per ounce.On Wall Street, the Nasdaq rose 1.6%, and the S&P 500 climbed 0.8% to reach record closing highs on Wednesday. Meanwhile, the Dow Jones slid 2%.On the domestic front, Australia's seasonally adjusted unemployment rate remained at 4.3% in March, unchanged from the previous month, data from the Australian Bureau of Statistics showed. The total number of employed people increased by 17,900, bringing the total to 14.8 million.Australia's consumer inflation expectations rose by 0.7 percentage points in April to 5.9%, driven largely by a recent spike in oil prices, according to the Melbourne Institute Survey of Consumer Inflationary Expectations.In company news, Ora Banda Mining (ASX:OBM) said gold production in the March quarter rose 21% to 38,766 ounces from the December 2025 quarter, with 38,637 ounces sold and fiscal 2026 year-to-date production totaling 101,200 ounces. Its shares rose 9% on market close.Netwealth Group (ASX:NWL) reported funds under administration of about AU$125.79 billion at the close of the March quarter, up almost 21% from AU$104.08 billion at the end of the same quarter a year earlier. Its shares closed up 6%.Lastly, Viva Energy Group (ASX:VEA) requested an immediate trading halt on the Australian Securities Exchange as it prepares to announce the impact of a significant fire at its Geelong Refinery. The facility, one of only two refineries still operating in Australia, has a processing capacity of 120,000 barrels of oil per day, and it reportedly accounts for 10% of Australia's fuel supply and 50% of the fuel used in Victoria.

Jefferies Adjusts ICICI Lombard General Insurance's Price Target to INR2,300 From INR2,185, Keeps at Buy

ICICI Lombard General Insurance (NSE:ICICIGI, BOM:540716) has an average rating of overweight and mean price target of 2,144.29 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

BOM:540716NSE:ICICIGI

Jefferies Adjusts HDB Financial Services' Price Target to INR845 From INR900, Keeps at Buy

HDB Financial Services (NSE:HDBFS, BOM:544429) has an average rating of overweight and mean price target of 768.07 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

BOM:544429NSE:HDBFS

UK Monthly Services Output Gains 0.5% in February

Britain's services output edged up 0.5% month over month in February, following a revised 0.1% uptick in January, according to data from the Office for National Statistics published Thursday.On a yearly basis, the index was 1.4% higher, against the revised 1% jump earlier.

British Monthly Construction Output Rises 1% in February

Construction output in the UK increased 1% month over month in February, following a revised 0.5% gain in the previous month, the Office for National Statistics said Thursday.Analysts expected a 0.4% decline for the month, according to Investing.com data.On a yearly basis, construction output was 1% lower, against the revised 1.9% drop earlier and the market forecast from Investing.com of 0.4% decrease.

TBEA to Build Xi'an Industrial Park for 1.19 Billion Yuan

TBEA (SHA:600089) plans to invest 1.19 billion yuan for the construction of the Xi'an smart manufacturing park, according to a Shanghai bourse filing on Thursday.The construction will include building capacitor and reactor workshops, joint utility stations, warehousing area, office buildings and guard facilities and other equipment.The industrial park will annually produce 30-kilovolt-ampere reactive of oil-immersed capacitors, 50 million kvar of dry-type capacitors, 632 units of iron-core reactors, 4,918 units of air-core reactors and 318 units of high-voltage shunt, bridge-arm, smoothing and other special reactors.The electrical components manufacturer's shares fell 2% during the afternoon trade.

SHA:600089

Suraj Estate Developers Acquires Dadar, India Land for INR180 Million; Shares Jump 13%

Suraj Estate Developers (NSE:SURAJEST, BOM:544054) has acquired a land parcel in Dadar (West), Mumbai, at a total acquisition cost of about 180 million Indian rupees, including consideration for area to be handed over to landowners and related charges, according to a filing with the Indian bourses on Wednesday.Shares of the real estate developer fell jumped nearly 13% in Thursday's trade.The company plans to redevelop the plot with a saleable carpet area of about 18,000 sq ft, with an estimated gross development value of around 1 billion rupees, the filing said.

BOM:544054NSE:SURAJEST

COSCO Shipping Energy Orders Two Panamax Tankers

COSCO Shipping Energy Transportation (SHA:600026, HKG:1138) ordered two Panamax crude oil tankers for 1.02 billion yuan, according to a Hong Kong filing on Wednesday.Hong Kong-listed shares of the Chinese shipping company slid 4% on Thursday.COSCO SHIPPING (Qidong) Offshore, a subsidiary of COSCO SHIPPING Heavy Industry, will build the Panamax ships and deliver them in the fourth quarter of 2028.

HKG:1138SHA:600026

UK Trade Deficit Declines in Quarter to February

Britain's goods and services trade deficit fell by 300 million pounds sterling to 2.8 billion pounds in the three months to February, the Office for National Statistics said Thursday.The UK's goods trade deficit increased by 1 billion pounds to 57.1 billion pounds, while the services trade surplus grew by 1.3 billion pounds to 54.2 billion pounds.

BlueFocus Returns to Profit in 2025; Shares Jump 4%

BlueFocus Intelligent Communications Group (SHE:300058) returned to profit in 2025, posting a net profit attributable to shareholders of 224.7 million yuan, or 0.063 yuan per share, according to a Shenzhen bourse filing on Thursday.The attributable loss a year earlier was 290.7 million yuan, or 0.083 yuan per share.Operating revenue rose 13% year on year to 68.7 billion yuan from 60.8 billion yuan.The marketing technology company's shares jumped 4% during the afternoon trade.

SHE:300058

Zenith Energy Unit Submits Environmental Impact Assessment for Uranium Deposit in Italy

Zenith Energy (ZENA.OL, ZEN.L) unit Futuro Energetico Italiano submitted an environmental impact assessment for the Novazza uranium deposit in Bergamo, Italy.The assessment, which is the final requirement for an exploration license, was submitted to the Italian Ministry for Environment and Energy Security, according to a Thursday release. The approval process is expected to take six months.Meanwhile, the energy production and development company secured an extension to submit the environmental impact assessment for the Val Vedello deposit in Sondrio, Italy, until July 15.

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UK's Monthly Manufacturing Output Edges Down 0.1% in February

The UK's monthly manufacturing production was down 0.1% in February, following a revised 0.2% uptick in the prior month, the Office for National Statistics said Thursday.Analysts expected a 0.3% gain for the month.On a yearly basis, British manufacturing output fell 0.5%, compared with the 1.3% jump earlier and the consensus estimate of a 0.3% dip.

Market Chatter: Spain's Repsol Nears Deal to Regain Control Over Venezuelan Oil Assets

Repsol (REP.MC) is set to regain operational control of its oil assets in Venezuela under a new agreement with the South American country's government, with an announcement expected as soon as Thursday, London's Financial Times reported the same day.Under the deal, the Spanish energy group plans to triple output from its Venezuelan operations within a span of three years, a person familiar with the matter told the newspaper.Repsol will also include the creation of a "guaranteed" payment mechanism aimed at avoiding past issues concerning the Venezuelan government's failure to meet payment obligations, the report added.Repsol did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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British Monthly Industrial Production Rises 0.5% in February

UK industrial production rose 0.5% month over month in February, following a 0.1% drop in January, the Office for National Statistics said Thursday.Analysts expected a 0.2% growth for the month.On a yearly basis, UK industrial output was 0.4% lower, against the revised 0.5% increase earlier and the consensus estimate of a 0.9% fall.

Diversified United Investment Shareholders Approve Merger With Australian United Investment

Diversified United Investment (ASX:DUI) shareholders approved its proposed merger with Australian United Investment Co. (ASX:AUI) at a Thursday meeting, according to a same-day filing with the Australian bourse.Diversified United Investment said it will apply to the Federal Court of Australia for the deal's approval, with the second court hearing due to take place on April 20 in Melbourne.

ASX:AUIASX:DUI

UK's Monthly GDP Rises 0.5% in February

The UK's gross domestic product expanded 0.5% month over month in February, following a revised 0.1% growth in January, the Office for National Statistics said Thursday.The reading is consistent with analysts' expectations for the month.On a yearly basis, the British economy grew 1%, against the prior revised 0.7% increase and the market forecast of a 0.6% jump.